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For Sale By Owner - Good Choice OR Nightmare?

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Junior Member
What is the name of your state?:) From The Lone Star State - TEXAS :)
We have been renting this house for 2 years. Our 2nd lease will be up Sept. 1st. Recently, our landlord has notified us that she is wanting to sell the house & offered us first choice. My husband & I do not have the credit to buy with a mortgage company and our landlord knows that so, she has offered to sell to us with FSBO, with a 10% interest rate & $1000 down. That sounds all great & all, but the problem is: she's asking about $20,000 above what what WE feel the house is worth. We don't believe that if she stuck a For Sale sign in the front yard, she would get what she is asking, w/ out fixing some what could be major problems for someone else. We know what the full condition of the house is. We also know that there are major things that needs to be done. ex: new roof, rotten boards, new air conditioning, ect. My question is: In the state of Texas, are there specific things a Seller IS required to fix PRIOR to selling? She kinda has us by the b*lls, because she knows we can't go buy anywhere & I'm worried that if we approach her with the things that need to be fixed, she won't consent. But on the other hand, I don't want to get screwed by entering into a FSBO contract with her, paying $20,000 over & having to fix ALL the problems ourselves. HELP!!! :confused:

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